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Nomura lowers Q Technology (01478) to HK$10
Nomura lowered its target price for Q Technology
(01478) to HK$10 from HK$12, and upgraded its rating to "neutral" from "reduce" due to 
less downside from current visibility as Q-tech's stock price has corrected over 30% since
early December 2017.
  The research house said Q-tech's overall shipment in January grew 15% mom (+4% yoy), 
thanks mainly to Huawei's 8mp project. But Nomura observed Oppo's recent rush orders 
benefit Truly (00732) more than Q-tech, and the overall competition could become tougher 
for Qtech, as its position is stocked in the middle and lacks the bundle-sell synergies of
other components for smartphone.
  Although there are many uncertainties, Nomura thinks Oppo's project now could be led by
Orbbec+Q-tech. It expects Oppo will adopt 3D sensing on its less famous flagship model,
Find, by mid-2018 at the earliest. 

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